EvoluteIQ secures $20 million in funding to drive global expansion

EvoluteIQ, an AI-powered end-to-end automation platform designed to optimise workflows and reduce operational costs, has announced a successful $20 million equity and debt funding round. The investment was led by Round2 Capital, with contributions from Nordea Growth Fund, Dcap Select, and PH Ventures.

The fresh capital will be strategically directed toward enhancing EvoluteIQ’s automation platform and accelerating its global expansion, particularly focusing on the US market and growth sectors such as healthcare and insurance.

Sameet Gupte, Co-Founder and CEO of EvoluteIQ emphasised the company’s commitment to expanding its footprint in the United States and targeting industries where AI-driven automation can make a significant impact. “We will leverage this fundraise extensively to go after the US market. We already have an office there. That’s from a geographic perspective,” Gupte stated. “Healthcare and insurance for us are ramping up pretty significantly. Those are the two areas where we see the growth and where we will invest.”

Gupte highlighted the company’s performance, stating, “We have been running a positive EBITDA for the past few years, and we’ll continue to grow on that. In terms of some of the numbers, our net retention run rate with customers has been more than 180% for the last few years. This speaks very well of the kind of product and platform that we have built. We’ve been scaling the business very, very well, with our CAGR north of 100% the past few years, and we intend to continue to grow at that rate.”

In a separate development, EV-as-a-service platform, Hala Mobility, has successfully raised ₹51 crores in its pre-Series A funding round. The funding, a combination of debt and equity, received participation from startup founders, angel investors, and a network of high-net-worth individuals (HNIs) and family offices. This fresh capital injection will empower Hala Mobility to scale its EV fleet and broaden its reach throughout India, marking a significant step forward in its mission to promote sustainable urban mobility.

Srikanth Reddy, Co-Founder of Hala Mobility, highlighted the company’s roadmap following this fundraising milestone. He shared that Hala Mobility intends to expand its fleet to around 10,000 electric vehicles by December 2025, scaling up its current fleet and penetrating new markets. “With this fundraise, our plan is to increase the fleet across six geographies and deploy about 10,000 fleet by December 2025,” Reddy said.

As part of its expansion strategy, Hala Mobility is set to initiate pilots in key metropolitan areas including Mumbai, Pune, Cochin, and Coimbatore. This expansion will build upon its ongoing pilots in ten cities where it currently operates over 3,000 vehicles. Hyderabad remains the hub of Hala Mobility’s operations, housing 95% of its active fleet. Outside Hyderabad, Hala also operates in Vijayawada, Vishakhapatnam, Guntur, Chennai, and Bengaluru.

Additionally, two years ago, Dubai launched the Virtual Assets Regulatory Authority (VARA), the world’s first regulatory body exclusively focused on virtual assets, encompassing everything from cryptocurrency to blockchain-based traditional finance. In an interview with CNBC-TV18’s Aishwarya Anand, Deepa Raja Carbon, MD and Vice Chair of VARA, discussed how the authority has successfully engaged emerging players in the sector, creating a collaborative environment that promotes innovation while carefully managing associated risks.

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